Saudi Arabia, Egypt Sign 21 Agreements and Memorandums of Understanding

The Kingdom of Saudi Arabia and Egypt have signed 21 agreements and Memorandums of Understanding (MoU) included many areas of cooperation between the two countries. 
The agreements, which were signed in Cairo Saturday in the presence of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud of Saudi Arabia and President of Egypt Abdel Fattah Al-Sisi, included the establishment of a $60 billion Saudi riyals Egyptian-Saudi investment fund. 
The two countries also signed a MoU to set up a free economic zone in the Sinai Peninsula among other agreements between the Egyptian Ministry of international cooperation and the Saudi Fund for development, including the building of housing units in Sinai (phase II) and the establishment of the Development Road, which will be 90 km long, in addition to four framework agreements for cooperation in the field of housing with four Egyptian companies from the private sector. 
The agreements also include a MoU between Saudi Aramco and Egypt's Arab Petroleum Pipelines Company SUMED, a MoU regarding the work of the two countries' Coordination Councils, the establishment of bridges company to develop the Suez Canal zone worth 3 billion Egyptian pounds and the establishment of a company to develop 6 square kilometers of the industrial zone in Egypt's Suez Canal worth $3.3 billion.

Source: QNA